Pine Labs ramps up play in payment gateway business with Plural


Digital payments service provider Pine Labs, which till date has focused primarily on offline merchants, is now sharpening its focus on online merchants and new age direct-to-consumer (D2C) brands too with the launch of a set of payment solutions called Plural.

Plural Gateway is an open and customisable payment gateway that allows merchants to accept payments through various payment modes including credit, debit cards and digital payment infrastructure including unified payments interface (UPI). It  is also equipped to process Buy Now Pay Later (BNPL) transactions, which have seen a rise this festive season with shoppers.    

While Pine Labs had an online payment offering for offline merchants, it has taken a step further by creating a solution targeting new-age edtech and D2C brands. It will also be helping online checkouts for legacy brands such as Reliance and Samsung.  

The company, which was running the product in stealth mode since the last 18 months, has already roped in over 250 online merchants including 100 direct brands.  It has already scaled the gateway to $2.5 billion of annualised total payment value (TPV) and looks to scale its growth to $25 billion TPV by 2023. 

With the launch of Plural, Pine Labs now is treading in the territory occupied by online payment gateways including PayU, Razorpay and Paytm Gateway.  

 “After focusing on traditional merchants and EMI and installment led merchants, we wanted to create a payment solution for new-age brands We plan to take Plural to South-east Asia next year in 2022,” said Pine Labs chief executive officer,  Amrish Rau, in an interaction with Mint. 

Tanya Malik, who was previously the director of payments at PayPal India, is now heading Pine Labs’ Plural business. The Plural portfolio of products also includes Plural Checkout, a mobile software development kit (SDK) to boost payment gateway performance; and Plural Console, a payment orchestration platform that offers a single tech framework to trigger transactions via multiple payment gateways.

 “The differentiation that we look to bring with Plural is that it is an open platform and can integrate with any solution which a merchant was already using.  With Plural, we can also now offer a suite of products under one brand across all channels (offline and online) through our multiple offerings which will bring an integrated omni-channel payment experience for brands,” said Malik.  

Plural is also expected to integrate with Pine Labs’ other offering of offline point-of-sale machines, gifting solution Qwikcilver and its loyalty app Fave, which will allow merchants a wide range of products.  This will allow brands to run omni-channel offers across offline and online checkouts. 

In April, Pine Labs acquired Singapore-based loyalty service provider Fave and had plans to launch the service in India. The company was also looking to enter consumer payments with the offering.  

According to Rau, the service is live in India, and has received in-principle approval by National Payments Corporation of India (NPCI) to launch UPI payments.  Pine Labs is expected to launch consumer payments with Fave post Diwali, Rau told Mint.  

The company, which is eyeing a public listing in the US, raised an additional $100 million as part of its new pre-IPO fundraise in September from US-based investment management company, Invesco Developing Markets Fund.

The company has already raised more than $1.08 billion in funding in 2021 alone. 

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